News – Page 976
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CEE transactions triple as German funds return to real estate
EUROPE – A resurgence of investment activity in the real estate markets of central and eastern Europe (CEE) saw transactions triple in the first half of 2010 compared with a year ago, according to CB Richard Ellis (CBRE).
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Swiss BVK invests in neighbouring city Winterthur
SWITZERLAND – The pension fund for the civil servants of the Canton of Zurich (BVK) will help develop a site in the centre of nearby Winterthur.
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Schroders backs Palmer's new Mayfair venture
UK – Schroder Property's multi-manager business has agreed to seed a new UK real estate fund managed by Mayfair Capital Investment Management.
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Real estate fundraising plummets to 2004 levels: Preqin
GLOBAL – Capital raised by private equity real estate fund managers has fallen to the lowest level since 2004, according to data providers Preqin.
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Shopping centre fund opens doors to £1bn CMBS restructure
UK – One of the biggest restructurings of commercial mortgage-backed securities (CMBS) since the start of the financial crisis has been given the go-ahead for a leading UK shopping centre fund.
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UK recovery slows to a crawl, says IPD
UK – Investors in the UK commercial real estate market are hoping for an end to the recent period of extreme volatility, which saw capital values fall by 44.2% in the two years following the credit crunch, before recovering by 15.2% over the 11 months to June 2010.
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Transactions on the rise globally, but down in Asia: JLL
GLOBAL – The volume of global real estate transactions in the first half of this year is almost double that of the same period in 2009, but deals in Asia-Pacific dropped by more than a third between the first and second quarters, according to Jones Lang LaSalle (JLL).
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European institutional investors regaining appetite for risk
EUROPE – European transaction volumes in 2010 are expected to exceed those of last year following results from a survey that finds risk appetite has increased among institutional investors in the UK, Germany and France.
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AXA REIM returns with development strategy
EUROPE – AXA Real Estate Investment Managers has attracted strong interest in its first European real estate development fund in six years and expects to be able to raise at least €600m by September.
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University of California to invest $300m in REITs
GLOBAL – The University of California Retirement Plan and General Endowment Plan are planning to make a $300m (€238m) investment in REITs.
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CalSTRS to conduct core search in the next 12 months
GLOBAL – The California State Teachers Retirement System (CalSTRS) is planning to send out a Request for Proposal for core managers within the next 12 months.
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No property bubble in China, says HSBC's Geoghegan
CHINA – HSBC chief executive Michael Geoghegan has dismissed predictions of a Chinese property bubble.
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Birmingham airport secures credit facility from Santander, RBS
GLOBAL – A UK airport part-owned by the CA$96.4bn (€74bn) Ontario Teachers Pension Plan has won promises of more than €50m in short-term funding for an ongoing expansion programme.
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Bouwinvest converts direct property investment into funds
NETHERLANDS – Bouwinvest, the property manager of the €26bn pension fund for the Dutch building industry bpfBouw, has converted all of its direct property investment into property funds in a bid to increase flexibility and spread risk.
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Property industry 'ill equipped' for DC shift, says Invesco
GLOBAL – The bricks and mortar property industry is ill equipped to deal with the future switch to defined contribution (DC) because of liquidity requirements, according to Simon Mallinson, research director at Invesco.
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Warburg-Henderson launches follow-up Austrian fund
AUSTRIA – Warburg-Henderson, the German business of Henderson Global Investors, is seeking to raise capital from German, Austrian and Swiss institutional investors for its second Austria-focused real estate fund.
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Carlyle Group snaps up six landmark assets in UK
UK – Private equity firm The Carlyle Group has acquired six landmark central London office properties – formerly part of the portfolio of assets linked to the troubled White Tower 2006-3 commercial mortgage-backed securitisation (CMBS) – for £671m (€802m).
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European governments under pressure to sell real estate, says CBRE
EUROPE – European governments will be forced to sell real estate assets to balance public finance in the next 12 months, according to CB Richard Ellis (CBRE).
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Global real estate recovery to slip next year, says Aberdeen
GLOBAL – The global real estate recovery will falter in 2011, leading to a rise in yields, before resuming a stronger trajectory in 2012, according to Aberdeen Asset Management.
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Tesco moves to release value from property portfolio
LONDON – Tesco has agreed a second sale and leaseback of properties with the Tesco Pension Fund Trustees in an effort to release value from its property portfolio.
